Indian companies are buying land overseas, mainly in Africa, to grow agricultural products that can be exported to large markets, including India.
Companies and investment houses prefer the African route to agriculture as direct investment in this sector in India is fraught with bureaucratic hurdles. Also, land is relatively cheaper in Africa and fertile. Contiguous nature of land — a company can get large tracts contiguous land — are the other main drivers.
According to statistics provided by governments of various countries in east Africa, more than 80 Indian companies have invested about £1.5 billion (about Rs 11,300 crore ) in buying huge plantations in countries in eastern Africa, such as Ethiopia, Kenya, Madagascar, Senegal and Mozambique that will be used to grow foodgrain for the domestic market.
The list of companies that have purchased land in Africa is quite long and includes companies in businesses ranging from agriculture and horticulture to engineering and metals. They include the Kolkata-based Kankaria group (manufacturing and textiles), Kommuri Agrotech (floriculture and horticulture), Surya Electrical (electrical products), Karuturi Agro Processing, AVR Engineering (construction), Nelvo International (minerals), Allied Chemicals, BP Jewellery, KSR Earthmovers.
Read the whole story: The Economic Times
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